(Reuters) – Premier League club Everton said on Saturday that the takeover agreement with potential owner 777 Partners had expired after the American private equity firm failed to complete the acquisition of a majority stake in Farhad Moshiri by Friday's deadline.
In September, the Miami-based investment fund said it had signed an agreement with British-Iranian billionaire Moshiri to acquire his 94.1% stake in the club.
The deal, which was initially expected to close by the end of 2023, has been delayed as 777 Partners reportedly struggled to meet the necessary conditions set by the Premier League to complete the purchase.
Everton said in a statement: “The agreement concluded today between 777 Partners and Blue Heaven Holdings Limited to buy and sell a majority stake in the club.”
“The Club Board appreciates the significant level of financial support that 777 Partners has provided to the Club over recent months and would like to take this opportunity to thank them for this.”
Moshiri, a former Arsenal shareholder, first bought a 49.9% stake in Everton in 2016. By January 2022, he had increased his stake to 94.1% through a capital injection of £100 million ($130 million).
But despite investing nearly €750 million ($810 million) in transfers to build the team since Moshiri's arrival, Everton have dropped out of the top half of the table and into relegation battles in recent seasons.
The club finished 15th in the Premier League after being deducted two separate points for breaching profit and sustainability rules.
Everton are now free to talk to other interested investors, with the BBC reporting that Crystal Palace co-owner John Textor, who is looking to sell his majority stake in the London club, may consider Everton as an opportunity.
Everton said: “The club will continue to operate as usual, while working with Blue Haven Holdings to evaluate all options regarding future ownership of the club.”
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